93 views Source: Austin American-Statesman Austin-based renewable energy company EnergyX has received commitments of $20 million in financing for technology development, the company said. EnergyX is developing sustainable lithium extraction methods and solid-state battery energy storage systems for the electric vehicle and personal electronics industries. Lithium is a metallic component key to electric batteries and is expected to play a major role in the global transition to sustainable energy. As the lightest metal on the periodic table, lithium's inherent properties make it an efficient, high-capacity storage method for renewable energy systems. Rising global demand for electric vehicles and economic energy storage systems has led to projections of a huge increase in demand for lithium. In 2020, global supply was roughly 315,000 tons and is expected to increase to 5.5 million tons by 2040, according to industry estimates.